Singapore's Q1 non-oil domestic exports up 4.8% from a year ago

Singapore's non-oil domestic exports put on their best quarterly showing in three years with a 4.8 per cent year on year growth in the first three months of 2015, compared to the 0.5 per cent rise in the final quarter of 2014, thanks to the higher shipments of both electronic and non-electronic NODX.

Non-oil re-exports jumped 5.2 per cent after a 1.8 per cent increase in the previous quarter, according to trade promotion agency International Enterprise Singapore.

But total merchandise trade fell 10.5 per cent in the first quarter, deepening the previous quarter's 4.8 per cent decline. Total services trade were up 1.2 per cent to hit S$90.2 billion, reversing a 0.3 per cent dip in the last quarter of 2014.

IE Singapore maintains its total trade and NODX growth forecasts for 2015 at minus 7.0 to minus 5.0 per cent and 1.0 to 3.0 per cent respectively.

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